What is “Neoliberalism”?

In the early 1980s, with the election of Margaret Thatcher and Ronald Reagan, urban policy and politics in the U.K. and the U.S. took a sharp turn towards markets, competition, and privatization. But while both the Thatcher government and the Reagan administration shared similar ideas about the causes of urban problems and about how best to tackle them, the differing institutional settings in which they operated shaped the timing, extent, and character of the changes they were able to introduce.